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How To Amend Your 2012 Tax Return

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How To Amend Your 2012 Tax Return

How to amend your 2012 tax return Publication 527 - Introductory Material Table of Contents Future Developments What's New Reminders IntroductionSale of main home used as rental property. How to amend your 2012 tax return Tax-free exchange of rental property occasionally used for personal purposes. How to amend your 2012 tax return Ordering forms and publications. How to amend your 2012 tax return Tax questions. How to amend your 2012 tax return Useful Items - You may want to see: Future Developments For the latest information about developments related to Publication 527, such as legislation enacted after it was published, go to www. How to amend your 2012 tax return irs. How to amend your 2012 tax return gov/pub527. How to amend your 2012 tax return What's New Net Investment Income Tax (NIIT). How to amend your 2012 tax return  Beginning in 2013, you may be subject to the Net Investment Income Tax (NIIT). How to amend your 2012 tax return NIIT is a 3. How to amend your 2012 tax return 8% tax on the lesser of net investment income or the excess of modified adjusted gross income (MAGI) over the threshold amount. How to amend your 2012 tax return Net investment income may include rental income and other income from passive activities. How to amend your 2012 tax return Use Form 8960, Net Investment Income Tax, to figure this tax. How to amend your 2012 tax return For more information on NIIT, go to IRS. How to amend your 2012 tax return gov and enter “Net Investment Income Tax” in the search box. How to amend your 2012 tax return Reminders Photographs of missing children. How to amend your 2012 tax return  The Internal Revenue Service is a proud partner with the National Center for Missing and Exploited Children. How to amend your 2012 tax return Photographs of missing children selected by the Center may appear in this publication on pages that would otherwise be blank. How to amend your 2012 tax return You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child. How to amend your 2012 tax return Introduction Do you own a second house that you rent out all the time? Do you own a vacation home that you rent out when you or your family isn't using it? These are two common types of residential rental activities discussed in this publication. How to amend your 2012 tax return In most cases, all rental income must be reported on your tax return, but there are differences in the expenses you are allowed to deduct and in the way the rental activity is reported on your return. How to amend your 2012 tax return First, this publication will look at the rental-for-profit activity in which there is no personal use of the property. How to amend your 2012 tax return We will look at types of income and when each is reported, and at types of expenses and which are deductible. How to amend your 2012 tax return Chapter 2 discusses depreciation as it applies to your rental real estate activity—what property can be depreciated and how to figure it. How to amend your 2012 tax return Chapter 3 covers the actual reporting of your rental income and deductions, including casualties and thefts, limitations on losses, and claiming the correct amount of depreciation. How to amend your 2012 tax return Special rental situations are grouped together in chapter 4. How to amend your 2012 tax return These include condominiums, cooperatives, property changed to rental use, renting only part of your property, and a not-for-profit rental activity. How to amend your 2012 tax return Finally, in chapter 5, we will look at the rules for rental income and expenses when there is also personal use of the dwelling unit, such as a vacation home. How to amend your 2012 tax return Sale or exchange of rental property. How to amend your 2012 tax return   For information on how to figure and report any gain or loss from the sale, exchange or other disposition of your rental property, see Publication 544, Sales and Other Dispositions of Assets. How to amend your 2012 tax return Sale of main home used as rental property. How to amend your 2012 tax return   For information on how to figure and report any gain or loss from the sale or other disposition of your main home that you also used as rental property, see Publication 523, Selling Your Home. How to amend your 2012 tax return Tax-free exchange of rental property occasionally used for personal purposes. How to amend your 2012 tax return   If you meet certain qualifying use standards, you may qualify for a tax-free exchange (a like-kind or section 1031 exchange) of one piece of rental property you own for a similar piece of rental property, even if you have used the rental property for personal purposes. How to amend your 2012 tax return   For information on the qualifying use standards, see Rev. How to amend your 2012 tax return Proc. How to amend your 2012 tax return 2008–16, 2008 IRB 547, at http://www. How to amend your 2012 tax return irs. How to amend your 2012 tax return gov/irb/2008-10_IRB/ar12. How to amend your 2012 tax return html . How to amend your 2012 tax return For more information on like-kind exchanges, see chapter 1 of Publication 544. How to amend your 2012 tax return Comments and suggestions. How to amend your 2012 tax return   We welcome your comments about this publication and your suggestions for future editions. How to amend your 2012 tax return   You can write to us at the following address: Internal Revenue Service Tax Forms and Publications Division 1111 Constitution Ave. How to amend your 2012 tax return NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. How to amend your 2012 tax return Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. How to amend your 2012 tax return   You can send your comments from www. How to amend your 2012 tax return irs. How to amend your 2012 tax return gov/formspubs/. How to amend your 2012 tax return Click on “More Information” and then on “Comment on Tax Forms and Publications”. How to amend your 2012 tax return   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. How to amend your 2012 tax return Ordering forms and publications. How to amend your 2012 tax return   Visit www. How to amend your 2012 tax return irs. How to amend your 2012 tax return gov/formspubs/ to download forms and publications, call 1-800-TAX-FORM (1-800-829-3676), or write to the address below and receive a response within 10 days after your request is received. How to amend your 2012 tax return Internal Revenue Service 1201 N. How to amend your 2012 tax return Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. How to amend your 2012 tax return   If you have a tax question, check the information available on IRS. How to amend your 2012 tax return gov or call 1-800-829-1040. How to amend your 2012 tax return We cannot answer tax questions sent to either of the above addresses. How to amend your 2012 tax return Useful Items - You may want to see: Publication 463 Travel, Entertainment, Gift, and Car Expenses 523 Selling Your Home 534 Depreciating Property Placed in Service Before 1987 535 Business Expenses 544 Sales and Other Dispositions of Assets 547 Casualties, Disasters, and Thefts 551 Basis of Assets 925 Passive Activity and At-Risk Rules 946 How To Depreciate Property Form (and Instructions) 4562 Depreciation and Amortization 5213 Election To Postpone Determination as To Whether the Presumption Applies That an Activity Is Engaged in for Profit 8582 Passive Activity Loss Limitations Schedule E (Form 1040) Supplemental Income and Loss   See chapter 6, How To Get Tax Help for information about getting these publications and forms. How to amend your 2012 tax return Prev  Up  Next   Home   More Online Publications
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Understanding Your CP30A Notice

We reduced or removed the penalty for underpayment of estimated tax reported on your tax return.


What you need to do

  • Review the account information in your notice.
  • If there are discrepancies between our records and your records, and it appears that we removed or reduced your penalty in error, please return the refund with your explanation.

Answers to Common Questions

Why did you reduce or remove the penalty?
We reduced or eliminated the penalty because, according to our calculation, the penalty reported on your return is greater than the penalty actually due. Our calculation is based on information in our records at the time your return was processed. If your address is within a geographical area that was declared a federal disaster area, the reduction may be the result of an automatic waiver we applied.

What should I do if I disagree with the correction?
Call the toll free number listed in the top right corner of your notice. Explain to the assistor why you disagree with our correction. If we agree with your explanation, the assistor will tell you what to do next.

The notice says that I will receive a refund, but I haven't received it yet. When will I receive the refund?
Before we can issue a refund, we are required to collect (offset) any other taxes you may owe. Additionally, your refund may be offset to pay child support or state taxes you owe, or to pay any other debts you legally owe that we are required to collect. We also might not mail your refund if you have not filed all of the returns you are required to file. To check the status of your refund you may call the toll-free number listed in the top right corner of your notice.

Page Last Reviewed or Updated: 03-Mar-2014

How to get help

  • Call the 1-800 number listed on the top right corner of your notice.
  • Authorize someone (e.g., accountant) to contact the IRS on your behalf using Form 2848.
  • See if you qualify for help from a Low Income Taxpayer Clinic.
     

The How To Amend Your 2012 Tax Return

How to amend your 2012 tax return 9. How to amend your 2012 tax return   Education Exception to Additional Tax on Early IRA Distributions Table of Contents Introduction Who Is Eligible Figuring the Amount Not Subject to the 10% Tax Reporting Early Distributions Introduction Generally, if you take a distribution from your IRA before you reach age 59½, you must pay a 10% additional tax on the early distribution. How to amend your 2012 tax return This applies to any IRA you own, whether it is a traditional IRA (including a SEP-IRA), a Roth IRA, or a SIMPLE IRA. How to amend your 2012 tax return The additional tax on an early distribution from a SIMPLE IRA may be as high as 25%. How to amend your 2012 tax return See Publication 560, Retirement Plans for Small Business, for information on SEP-IRAs, and Publication 590, for information about all other IRAs. How to amend your 2012 tax return However, you can take distributions from your IRAs for qualified higher education expenses without having to pay the 10% additional tax. How to amend your 2012 tax return You may owe income tax on at least part of the amount distributed, but you may not have to pay the 10% additional tax. How to amend your 2012 tax return Generally, if the taxable part of the distribution is less than or equal to the adjusted qualified education expenses (AQEE), none of the distribution is subject to the additional tax. How to amend your 2012 tax return If the taxable part of the distribution is more than the AQEE, only the excess is subject to the additional tax. How to amend your 2012 tax return Who Is Eligible You can take a distribution from your IRA before you reach age 59½ and not have to pay the 10% additional tax if, for the year of the distribution, you pay qualified education expenses for: yourself, your spouse, or your or your spouse's child, foster child, adopted child, or descendant of any of them. How to amend your 2012 tax return Qualified education expenses. How to amend your 2012 tax return   For purposes of the 10% additional tax, these expenses are tuition, fees, books, supplies, and equipment required for enrollment or attendance at an eligible educational institution. How to amend your 2012 tax return They also include expenses for special needs services incurred by or for special needs students in connection with their enrollment or attendance. How to amend your 2012 tax return   In addition, if the student is at least a half-time student, room and board are qualified education expenses. How to amend your 2012 tax return   The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts. How to amend your 2012 tax return The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student. How to amend your 2012 tax return The actual amount charged if the student is residing in housing owned or operated by the eligible educational institution. How to amend your 2012 tax return You will need to contact the eligible educational institution for qualified room and board costs. How to amend your 2012 tax return Eligible educational institution. How to amend your 2012 tax return   An eligible educational institution is any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the U. How to amend your 2012 tax return S. How to amend your 2012 tax return Department of Education. How to amend your 2012 tax return It includes virtually all accredited public, nonprofit, and proprietary (privately owned profit-making) postsecondary institutions. How to amend your 2012 tax return The educational institution should be able to tell you if it is an eligible educational institution. How to amend your 2012 tax return   Certain educational institutions located outside the United States also participate in the U. How to amend your 2012 tax return S. How to amend your 2012 tax return Department of Education's Federal Student Aid (FSA) programs. How to amend your 2012 tax return Half-time student. How to amend your 2012 tax return   A student is enrolled “at least half-time” if he or she is enrolled for at least half the full-time academic work load for the course of study the student is pursuing as determined under the standards of the school where the student is enrolled. How to amend your 2012 tax return Figuring the Amount Not Subject to the 10% Tax To determine the amount of your distribution that is not subject to the 10% additional tax, first figure your adjusted qualified education expenses. How to amend your 2012 tax return You do this by reducing your total qualified education expenses by any tax-free educational assistance, which includes: Expenses used to figure the tax-free portion of distributions from a Coverdell education savings account (ESA) (see Distributions in chapter 7, Coverdell Education Savings Account), The tax-free part of scholarships and fellowships (see Tax-Free Scholarships and Fellowships in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Pell grants (see Pell Grants and Other Title IV Need-Based Education Grants in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Veterans' educational assistance (see Veterans' Benefits in chapter 1, Scholarships, Fellowships, Grants, and Tuition Reductions), Employer-provided educational assistance (see chapter 11, Employer-Provided Educational Assistance ), and Any other nontaxable (tax-free) payments (other than gifts or inheritances) received as educational assistance. How to amend your 2012 tax return Do not reduce the qualified education expenses by amounts paid with funds the student receives as: Payment for services, such as wages, A loan, A gift, An inheritance given to either the student or the individual making the withdrawal, or A withdrawal from personal savings (including savings from a qualified tuition program (QTP)). How to amend your 2012 tax return If your IRA distribution is equal to or less than your adjusted qualified education expenses, you are not subject to the 10% additional tax. How to amend your 2012 tax return Example 1. How to amend your 2012 tax return In 2013, Erin (age 32) took a year off from teaching to attend graduate school full-time. How to amend your 2012 tax return She paid $5,800 of qualified education expenses from the following sources. How to amend your 2012 tax return   Employer-provided educational assistance  (tax free) $5,000     Early distribution from IRA (includes $500 taxable earnings) 3,200           Before Erin can determine if she must pay the 10% additional tax on her IRA distribution, she must reduce her total qualified education expenses. How to amend your 2012 tax return   Total qualified education expenses $5,800     Minus: Tax-free educational assistance −5,000     Equals: Adjusted qualified  education expenses (AQEE) $ 800   Because Erin's AQEE ($800) are more than the taxable portion of her IRA distribution ($500), she does not have to pay the 10% additional tax on any part of this distribution. How to amend your 2012 tax return However, she must include the $500 taxable earnings in her gross income subject to income tax. How to amend your 2012 tax return Example 2. How to amend your 2012 tax return Assume the same facts as in Example 1 , except that Erin deducted some of the contributions to her IRA, so the taxable part of her early distribution is higher by $1,000. How to amend your 2012 tax return This must be included in her income subject to income tax. How to amend your 2012 tax return The taxable part of Erin's IRA distribution ($1,000) is larger than her $800 AQEE. How to amend your 2012 tax return Therefore, she must pay the 10% additional tax on $200, the taxable part of her distribution ($1,000) that is more than her qualified education expenses ($800). How to amend your 2012 tax return She does not have to pay the 10% additional tax on the remaining $800 of her taxable distribution. How to amend your 2012 tax return Reporting Early Distributions By January 31, 2014, the payer of your IRA distribution should send you Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. How to amend your 2012 tax return The information on this form will help you determine how much of your distribution is taxable for income tax purposes and how much is subject to the 10% additional tax. How to amend your 2012 tax return If you received an early distribution from your IRA, you must report the taxable earnings on Form 1040, line 15b (Form 1040NR, line 16b). How to amend your 2012 tax return Then, if you qualify for an exception for qualified higher education expenses, you must file Form 5329 to show how much, if any, of your early distribution is subject to the 10% additional tax. How to amend your 2012 tax return See the Instructions for Form 5329, Part I, for help in completing the form and entering the results on Form 1040 or 1040NR. How to amend your 2012 tax return There are many other situations in which Form 5329 is required. How to amend your 2012 tax return If, during 2013, you had other distributions from IRAs or qualified retirement plans, or have made excess contributions to certain tax-favored accounts, see the instructions for line 58 (Form 1040) or line 56 (Form 1040NR) to determine if you must file Form 5329. How to amend your 2012 tax return Prev  Up  Next   Home   More Online Publications